Trading as Profession

rohangawale · #**111** 21st September 2008, 04:59 PM

Quote:

Originally Posted by vpsarathy

Senior have been we should treat this as business and thats the it should be. People tend trade as if it is a game of luck. Saint has shown that it is game where you give full concentration without any one disturbing you fromm 9.55am to 3.30 pm.

I changed my lifestyle. I have a heavy breakfast and lunch at 3.35 pm only even now during days of paper trading. Don't even attend to phone calls.

One has to learn a lot about product, the manufacturer, the market and about price fluctuations for a trading business. Similarly here too.

vps

this is the challenge here, to know the product and mindset of manufacturer as we all interpret it wrongly and everything goes wrong for us,
but the day when we can know how the manufacturer is thinking then nobody can stop us from winning. this is the challenging part, many have learned it and for us to learn it will take some more time

Niks · #**112** 21st September 2008, 05:01 PM

Quote:

Originally Posted by vpsarathy

One has to learn a lot about product, the manufacturer, the market and about price fluctuations for a trading business. Similarly here too.

Very well said. People who loose money through gambling usually are the first to shout about (imaginary) market manipulators, and that trading requires extraordinary skills. I met few very good traders personally and all they say that "if you do a business of which you have good knowledge there is no reason to loose". But the main problem is that people don't accept it as business rather get rich quick scheme.

Quote:

Originally Posted by rohangawale

what i think is there is no harm in leaving ur job and taking trading as professional as if we do it dedicatedly and with help of tech analysis, we will easily make what we use to earn in our job and can live good life with out job pressure.

I am just out of college now give about 6 hours daily for learnig to trade besides meddling in the family business. Stock market trading gives more freedom and happy life than most other profession. I personally know a 58 year old trader who trades from a laptop usually sitting in garden and spends most of his time for an NGO he is associated with. He has made big money earlier in life now makes 50-70k p.m. saying thats all he needs.

regards,
NIkhil

Niks · #**113** 21st September 2008, 05:23 PM

Quote:

Originally Posted by ratan jain

Answer 1: In intraday trading there are SUPPOSEDLY no big losses, because you are SUPPOSED to close all loss making trades at small losses. The fact that most people dont.... is a different case altogether.

Answer 2: How confident is the IT professional that he is not going to get a pink slip tomorrow morning? How will he continue living?

Answer 3: Isnt it just great, you have no boss to kiss ass...!

Answer 4: Traders are looked upon as gamblers in most social circles, but I think you can silence them by pulling up in the latest model Audi

Answer 5: You cant convince them.......most of the time....... and thats only because they are concerned for you, this being a highly unstable source of income, for unprofessional day traders.

another good post, apart from other seniors...

vpsarathy · #**114** 21st September 2008, 05:38 PM

Quote:

Originally Posted by Niks

Very well said. People who loose money through gambling usually are the first to shout about (imaginary) market manipulators, and that trading requires extraordinary skills. I met few very good traders personally and all they say that "if you do a business of which you have good knowledge there is no reason to loose". But the main problem is that people don't accept it as business rather get rich quick scheme.

I am just out of college now give about 6 hours daily for learnig to trade besides meddling in the family business. Stock market trading gives more freedom and happy life than most other profession. I personally know a 58 year old trader who trades from a laptop usually sitting in garden and spends most of his time for an NGO he is associated with. He has made big money earlier in life now makes 50-70k p.m. saying thats all he needs.

regards,
NIkhil

Nikhil,

If you take suggestion from me:-

Involve yourself in family business fro a few years. Learn all the tricks. In the mean time learn to trade by going on papertrading.You will reach a time to decide betwen family business and trading. Select whichever you like; both are businesses.

If not wait some some years, when you are 40+ yrs old and mature enter trading.Family bus. is steady income, trading income is the 'malai'.

vps

Niks · #**115** 21st September 2008, 06:04 PM

Quote:

Originally Posted by vpsarathy

If not wait some some years, when you are 40+ yrs old and mature enter trading.Family bus. is steady income, trading income is the 'malai'.

I understand your advice. Can also recall slang " Baap ki kamayi jaise doodh-malayi; apni kamayi jaise fati hui rajai"

. But most of the time when I accompany Dad in business I feel like pushing myself into something.

I have been 'trading' for more than a year now. In my first trading year I did'nt loose any money like most but came out breakeven. You know why? not because of some market knowledge but sheer luck. I had several good stocks in my portfolio during the sensex rally upto 21k. The money I made from them covered losses from my gambling through daytrading etc. Then got a chance to personally meet a senior trader and know how cluless I am.

I stopped trading altogeter since July. Just paper trading since them. I wont go into live trading unti'll hit my edge. This may sound like a bold statement but I am ready to give even a year of effort.

See my plan is simple: just afford 2-3 years to learning and if not make by that time getting back to family business. If fail at this attempt probably will re-enter at a mature age of 40+ years.

But for now, three cheers to trading!!!

vpsarathy · #**116** 21st September 2008, 06:20 PM

Niks,

Excellent view niks, wish you the very best in both businesses

vps

trader111 · #**117** 22nd September 2008, 07:25 AM

From Larry Harris' book:

Quote:

Factors Correlated with the Performance of Investment Managers and Traders

By trader_111 at 2008-09-21

toingpoing · #**118** 24th October 2008, 06:54 AM

Quote:

Originally Posted by Saint

Hi Shaju,

I was a doctor by profession.......but the last many years have been trading for my daily bread.

To cut a highly tedious long story short,trading was my passion,medicine was my profession.Used to work mornings and trade the US markets in the nights......But once regular profits started to come in,and the income was much,much more from trading than medicine,at a certain point,it became ridiculous to hold on to something that I was not that bothered about anyway.......Medicine gave way to full time trading.

Have I felt that I should run back to Medicine at any time?Not so far....

Is it all a bed of roses?No way.The months when you don't earn from the markets,you wish that you were a doctor earning a regular income,or a trader giving some seminars,or making some money off newsletters,etc. There is a lot of pain that you have to endure,it's a tumultous path to huge incomes.........But if you can sort it all out,and you have a set capital to fall back on,and you have an understanding family,nothing beats this path.

Would I change this for anything in the world?No way!!

Should you quit your job and take up full time trading?Well,for a start,trade part time and see if you have what it takes to do this.Meanwhile build up a good capital,not only capital to trade,but something that you can fall back upon.And then see..........if you have the capital,and all the rest that is required off you and the guts to travel this path,welcome to the club.

All the best!
Saint

I fully agree with you..I am basiclly from Legal field but quit it and have been a full time professional trader for the last 15 years.Share tradng is a fulltime profession and it requires dscipline,knowledge,skill,capital,devotion and full time. Good Luck to all !!

ratan jain · #**119** 1st November 2008, 12:41 PM

Quote:

Originally Posted by vpsarathy

Senior have been we should treat this as business and thats the it should be. People tend trade as if it is a game of luck. Saint has shown that it is game where you give full concentration without any one disturbing you fromm 9.55am to 3.30 pm.

I changed my lifestyle. I have a heavy breakfast and lunch at 3.35 pm only even now during days of paper trading. Don't even attend to phone calls.

One has to learn a lot about product, the manufacturer, the market and about price fluctuations for a trading business. Similarly here too.

vps

Thats tough discipline!

If I follow these rules at least my debtors cant disturb me between 9:55 am to 3:30 pm

The Following User Says Thank You to vpsarathy For This Useful Post:
Niks (21st September 2008)

The Following 3 Users Say Thank You to trader111 For This Useful Post:
Niks (22nd September 2008), the tape (22nd September 2008), VJAY (22nd September 2008)